Annual Report 2001

Transcription

Annual Report 2001

SREBRNI NOVAC KRALJA STEFANA
RADOSLAVA (1218-1234)
SERBIAN COINS MINTED BY KING
STEFAN RADOSLAV (1218-1234)
Ova izuzetno retka monetarna emisija
predstavlja prvi novac srednjovekovne
srpske dræave. Iskovan je 1230. godine
u kovanici Ras. Uraen je po uzoru na
vizantijski novac, o Ëemu svedoËe njegov
oblik, grËke legende i predstave.
This very rare monetary emission
represents the first money of the medieval
Serbian state.
It was minted in the Ras mint in 1230 and
modelled after Byzantine coins.
The form of the coins, Greek legends and
images on them are a testimony of this.
Izveπtaj Predsednika Upravnog odbora
Report by the Chairman of the Board of Directors
Zadovoljstvo mi je da, u ime Upravnog odbora,
On behalf of the Board of Directors, it is my pleasure to
predstavim poslovne rezultate Raiffeisenbank
Jugoslavija a.d. za 2001. godinu. Jugoslavija je
present the business results of Raiffeisenbank
Jugoslavija a.d. Yugoslavia is the eleventh country in
jedanaesta zemlja Srednje i IstoËne Evrope u kojoj
Raiffeisen Zentralbank Österreich AG nastavlja svoju
Central and Southeastern Europe where RZB continues
to pursue its pioneer role. Namely, RZB is the first
pionirsku ulogu. Naime, RZB je prva zapadna banka
Western bank to have established a domestic bank
koja je u Jugoslaviji, svojim kapitalom, osnovala
domaÊu banku. Smatramo da je ovo od izuzetnog
with its capital in Yugoslavia. We consider this to be of
great importance for the development of the banking
znaËaja za razvoj bankarskog sektora u zemlji, dobar
signal za strane investitore
da se opredele za ulaganja
sector in the country, a good signal to foreign investors
to invest in Yugoslavia and
an incentive to sound
u Jugoslaviju, kao i podsticaj za zdravu konkurenciju
competition
among
domestic banks as regards
meu domaÊim bankama u
oblasti pruæanja prvoklasne
usluge klijentima i rada po
the providing of first-class
services to clients and
complying with European
evropskim standardima.
standards.
Za vrlo kratko vreme svoga
rada,
Raiffeisenbank
Jugoslavija a.d. zauzela je
Raiffeisenbank Jugoslavija
a.d. has, in a very short
period of its activity, taken
vodeÊu ulogu i vrlo jaku
poziciju na domaÊem
træiπtu. Uspeh Banke i RZB
Grupe rezultat je reπenosti
da Banka svojim profesionalnim radom, struËnim
kadrovima, maksimalnoj posveÊenosti poslu svojih
zaposlenih, uvek bude na usluzi klijentima, kao i da
svojom ponudom bankarskih proizvoda, u meri u kojoj
to trenutna razvijenost træiπta dozvoljava, izae u
susret njihovim potrebama.
Ime Raiffeisen, dobro poznato u meunarodnim
okvirima, umnogome je doprinelo stvaranju poverenja
kod klijenata i njihovom opredeljenju da rade sa
Raiffeisenbank Jugoslavija.
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a leading role and a very
strong position on the
domestic market. The
success of the Bank and
the RZB Group results from
the
determination
to
always be at the disposal to its clients with its
professional approach, qualified staff and devotion to
work, and meet the clients' needs with its banking
product range, versatile to a degree corresponding to
the current level of development of the domestic
market.
The name of Raiffeisenbank, well-known in the region,
has largely contributed to building confidence among
clients and their choice to do business with
Raiffeisenbank Jugoslavija.
Raiffeisenbank Jugoslavija a.d.
Za relativno kratko vreme svoga rada, u periodu u
In a relatively short period of its activity, as the
kojem su se uslovi rada u oblasti ekonomije, pravne
regulative, bankarskog sektora menjali i razvijali,
conditions in the economy, the legal system and
banking sector were changing and developing, the
banka je postigla vrlo dobre rezultate, kako u radu sa
privredom, tako i u radu sa graanima.
bank achieved very good results both with corporate
and retail clients.
Strateπki cilj banke je da i ubuduÊe ostane vodeÊa
The strategic goal of the bank is to remain a leader on
banka na domaÊem træiπtu. U realizaciji tog cilja
banka namerava da proπiri mreæu filijala, kao i da
the domestic market in the future. To achieve the goal,
the bank intends to expand its network of branch
poveÊa kapital. Razvoj bankarskih proizvoda i dalje
usavrπavanje bankarskih usluga doprineÊe takoe
ostvarenju ovog cilja.
offices and increase capital, develop banking products
and improve banking services.
Od velike vaænosti za Banku i Grupu jesu dalja
realizacija zapoËetih reformi kao i razvoj lokalnog
finansijskog træiπta i stabilnih ekonomskih uslova
poslovanja.
Further implementation of reforms, the development of
the local financial market and stable economic
environment are of high importance both for the Bank
and the Group.
Dr Herbert Stepic
Predsednik Upravnog odbora
Chairman of the Board of Directors
3
Predgovor Predsednika Izvrπnog odbora
Introduction by the Chairman of the Managing Board
Izuzetna mi je Ëast i zadovoljstvo πto, u ime Ëlanova
It is my great honour and pleasure to present to our
Izvrπnog odbora, moæemo naπim osnivaËima i
poslovnim partnerima da prezentujemo Godiπnji
founders and business partners, on behalf of the
Managing Board, the Annual Report of Raiffeisenbank
izveπtaj Raiffeisenbank Jugoslavija a.d. za 2001.
godinu. Ovo je prvi Godiπnji izveπtaj koji publikuje
Jugoslavija a.d. for the year 2001. This is the first
Annual Report published by our bank.
naπa banka.
We have behind us a year in which Yugoslavia restored
Iza nas je godina u kojoj je Jugoslavija ponovo stekla
meunarodno priznanje i Ëlanstvo u meunarodnim
its international recognition and re-established
membership in international financial organisations.
finansijskim organizacijama. Regulisanje obaveza po
Pariskom klubu, kao i
zakljuËenje
"stand-by"
The debt settlement agreement with the Paris Club and
the conclusion of a standby arrangement with the
aranæmana
narodnim
sa MeuMonetarnim
International
Fund
are
Monetary
of
great
Fondom, od izuzetnog su
znaËaja za zemlju i
buduÊu saradnju domaÊih i
importance for the country
and the future cooperation
between domestic and
stranih subjekata. OtpoËelo
se sa procesom privati-
international businesses.
The privatisation process
zacije, pristupilo se, u
veÊem broju oblasti, izradi
potpuno nove zakonske
has begun. A brand-new
legislation
and
amendments to existing
regulative i izmenama
postojeÊe, kako bi se
stvorila povoljna klima i
prihvatljivi
uslovi
za
dolazak stranog kapitala i
stranih investitora.
Takoe se poËelo sa radikalnim reformama u oblasti
bankarskog sektora u cilju njegovog ozdravljenja i
uvoenja reda i primene evropskih standarda.
Raiffeisenbank Jugoslavija a.d. je postala, za vrlo
kratko vreme od svog osnivanja, vodeÊa banka na
domaÊem træiπtu i, kao prva banka u zemlji
registrovana sa 100% stranim kapitalom, stekla
izuzetno poverenje kako privrednih subjekata, tako i
stanovniπtva.
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laws have been drafted to
regulate a number of
sectors in order to create a
favourable climate and
acceptable conditions for
the influx of foreign capital
and the arrival of foreign investors. Radical reforms are
being carried out in order to rehabilitate the banking
sector, restore order and implement European
standards. Raiffeisenbank Jugoslavija a.d. has, in a
very short period of time since its establishment, become
a leading bank on the local market and, as the first
bank in the country registered with 100-percent foreign
capital, it attracted great confidence both among the
corporate and the retail sector.
Raiffeisenbank Jugoslavija a.d. dobila je 9.3.2001.
godine, od Narodne banke Jugoslavije, dozvolu za
obavljanje svih vrsta bankarskih poslova, kako u
The National Bank of Yugoslavia granted a licence to
Raiffeisenbank Jugoslavija on March 9, 2001, for the
entire range of both domestic and international
zemlji, tako i sa inostranstvom. Banka je osnovana sa
kapitalom u iznosu od 10 miliona evra. Na samom
banking activities. The bank was set up with EUR 10
million capital. At the very beginning, its shareholders
poËetku,
Raiffeisen
were: Raiffeisen International Beteiligungs AG (RIB), as
International Beteiligungs AG (RIB), kao veÊinski sa
99% uËeπÊa u kapitalu, i Uniqa Beteiligungs Holding
a majority owner of a 99% share in the capital, and
Uniqa Beteiligungs Holding GmbH-Austria, with 1.0%
GmbH-Austria, sa 1% uËeπÊa u kapitalu. Kasnije je i
Meunarodna Finansijska Korporacija (IFC) postala
akcionar banke sa 10% uËeπÊa u kapitalu, tako da je
share in the capital. At a later stage, the International
Finance Corporation (IFC) became a shareholder with
akcionari
banke
su
bili:
trenutno RIB akcionar sa 90%, a IFC sa 10%, IFC je,
uËeπÊem u kapitalu naπe banke, po prvi put postala
a 10% stake in the capital, so that RIB holds a 90%
equity and IFC a 10% share. With the purchase of our
bank's shares, the IFC has, for the first time, become a
akcionar jedne banke u Jugoslaviji.
shareholder in a Yugoslav bank.
Raiffeisenbank Jugoslavija a.d. poËela je sa pruæanjem
Raiffeisenbank Jugoslavija a.d. started providing
services to corporate clients in July 2001 and to retail
clients in September 2001.
usluga privrednim subjektima u julu 2001, a rad sa
stanovniπtvom u septembru 2001. godine.
I pored toga πto je banka samo nekoliko meseci radila
sa klijentima, u delu rada sa privredom, godinu smo
zavrπili sa preko 300 otvorenih raËuna domaÊih i
stranih firmi. Aktivnosti banke vezane su za rad sa
domaÊim i stranim, srednjim i velikim preduzeÊima,
veÊinom u privatnom vlasniπtvu (u oblasti prehrambene
proizvodnje, hemijske i farmaceutske industrije). Banka
je kreditirala izvozno orijentisane projekte, kao i
potrebe klijenata za obrtnim kapitalom. Broj
odobrenih kredita firmama u 2001. godini, rezultat je
teπkoÊa u proceni pouzdanosti plasmana (neadekvatno
voenje poslovnih knjiga klijenata i dr.), kao i
nepostojanja adekvatnih mera (instrumenata)
obezbeenja za plasirana sredstva (neaæurne
zemljiπne knjige, neevidentirana zaloæna prava i dr.).
Banka je po nalogu svojih klijenata vrπila plaÊanja i
naplate iz inostranstva, otvarala akreditive i izdavala
garancije po osnovu zakljuËenih poslova sa stranim
partnerima.
Although the bank worked with corporate clients for
only several months in 2001, it ended the year with
more than 300 opened accounts of domestic and
foreign companies. The bank's activities have focused
on domestic and foreign medium and large
enterprises, predominatly privately owned (foodprocessing,
chemicals
and
pharmaceuticals
industries). The bank has also financed export-oriented
projects and clients' requirements for working capital.
The number of loans granted reflects difficulties in
estimating the safety of lending (inadequate
bookkeeping by corporate clients, etc.) and an
absence of adequate measures to guarantee loan
safety (collaterals, inaccurate land registers, no
evidence of mortgage rights). Executing its clients'
orders, the bank has made international incoming and
outgoing payments, opened letters of credit, issued
guarantees based on contracts signed with foreign
partners.
5
Iako je rad sa stanovniπtvom poËeo 1. septembra,
Raiffeisen banka je, zahvaljuÊi poverenju graana, veÊ
posle mesec dana rada bila meu prvim bankama u
Although the activities in the retail sector commenced
on September 1, Raiffeisenbank was after only a
month among the group of top banks in the country,
zemlji po prikupljenim ulozima graana, da bi od
novembra 2001. nadalje postala vodeÊa banka.
measured by the volume of private deposits. In
November, the bank took the leading position and has
Raiffeisen banka je u sektoru stanovniπtva u 2001.
kept it since. In the retail sector, the bank registered in
godini imala preko 13.000 klijenata i ostvarenih
depozita u iznosu od preko 83 miliona evra. Banka je
2001 more than 13,000 clients who deposited a total
of EUR 83.0 million. In the course of the past year, the
u toku protekle godine obavila sve pripreme za
poËetak rada na odobravanju potroπaËkih kredita
stanovniπtvu.
bank completed preparations to start consumer credit
activities.
Banka je blagovremeno obavila sve pripreme za
zamenu valuta u evro i zahvaljuÊi tome obezbedila
uredno snabdevanje ovom valutom kako graana,
tako i drugih banaka u ovoj godini. U ovoj oblasti
posebno je bio aktivan Sektor sredstava.
Raiffeisen banka je prva u Srbiji potpisala Ugovor sa
Evropskom bankom za obnovu i razvoj na 5 miliona
evra u okviru Programa trgovinskih olakπica i okonËala
sve poslove vezano za subordinirani zajam koji bi
odobrila navedena banka. Jasno je da se ovakva vrsta
zajma odobrava instituciji od poverenja koja je
uspeπna i radi po zapadnim standardima.
U cilju daljeg jaËanja kapitalne baze, Raiffeisen banka
Êe u 2002. godini poveÊati kapital za dodatnih 25
miliona evra i to putem direktne uplate 15 miliona evra
od strane osnivaËa, kao i putem povlaËenja sredstava
subordiniranog zajma u iznosu od 10 miliona evra.
Takoe, banka planira da ide u proπirenje svoje mreæe
u zemlji otvaranjem filijala. Banka je poËela rad sa
VISA karticama i obavila pripreme za prelazak na
elektronsko bankarstvo. Takoe smo poËeli sa
pripremama za poslove deponovanja hartija od
vrednosti (custody business) i nastaviÊemo da,
pruæanjem usluga klijentima, pratimo proces
privatizacije.
6
The bank has timely completed all preparations for the
exchange of currencies into the euro and secured a
regular supply of euros both to the citizens and other
banks for this year. The Treasury Division has borne
the brunt of the burden in these preparations.
Raiffeisenbank was the first bank in Serbia to have
signed the Agreement in the amount of EUR 5.0
million with the European Bank for Reconstruction and
Development under the Trade Facilitation Programme
and completed all activities related to a subordinated
loan to be approved by the same bank. It is clear that
this kind of credit can be approved only to an
institution that is successful, enjoys confidence and
complies with European standards.
In order to further strengthen its capital base,
Raiffeisenbank will in the course of 2002 increase its
capital by additional EUR 25.0 million, through an
equity increase of EUR 15.0 million by the
shareholders, and by drawing a EUR 10.0 million
subordinated loan. The bank also plans to expand its
network countrywide by opening branch offices. The
bank has started VISA card activities and prepared for
electronic banking.
We have started preparations to provide custodian
services and will continue to provide services to clients
engaged in the privatisation process. We also plan to
begin providing banking services to small enterprises
Planiramo da poËnemo sa pruæanjem bankarskih
and to start approving mortgage loans.
usluga malim preduzeÊima, kao i sa kreditiranjem
stambene izgradnje. Banka Êe nastaviti saradnju sa
The bank will continue to cooperate with leading
international financial institutions in order to secure
vodeÊim meunarodnim finansijskim institucijama u
cilju pribavljanja dodatnih izvora finansiranja za
additional sources of financing needed by the
country's economy.
potrebe domaÊe privrede.
Sigurni smo da Êe Banka svojom prvoklasnom
We are certain that with our first-class services,
qualified staff, constant development of the banking
uslugom, struËnim kadrovima i stalnim razvijanjem
bankarskih proizvoda, kao i aktivnom uËeπÊu na
daljem razvijanju domaÊeg finansijskog træiπta,
product range and an active participation in the
further development of the domestic financial market,
the bank will be able to preserve its leading role in the
zadræati vodeÊu ulogu u bankarskom sektoru zemlje,
bez obzira na veÊ postojeÊe banke osnovane sa
country's banking sector regardless of other existing
banks founded with foreign capital or the arrival of
stranim kapitalom ili dolazak stranih banaka koje Êe
kupiti neku od postojeÊih domaÊih banaka.
foreign banks which will buy some of the existing local
banks.
Budimir KostiÊ
Predsednik Izvrπnog odbora
Chairman of the Managing Board
7
»lanovi Izvrπnog odbora
Managing Board
Budimir KostiÊ - Chairman of the Managing Board
Oliver Roegl - Member of the Managing Board
Laszlo Sardi - Member of the Managing Board
»lanovi Upravnog odbora
Board of Directors
1. Dr Herbert Stepic
2. Heinz Hoedl
3. Dr Peter Felcsuti
8
Raiffeisenbank Jugoslavija - Izvrπni odbor
Raiffeisenbank Jugoslavija - Managing Board
9
Raiffeisenbank Jugoslavija a.d, Beograd, dobila je 9.
Raiffeisenbank Jugoslavija a.d, Belgrade, received its
marta 2001. godine licencu od strane Narodne banke
Jugoslavije, kao prva banka sa 100% stranog kapitala
licence as the first bank with 100% foreign capital to
be established in Yugoslavia, on March 9th, 2001. The
u SR Jugoslaviji. Banka poseduje veliko ovlaπÊenje za
obavljanje depozitno-kreditnih, menjaËkih i poslova
bank has a full banking licence for domestic and crossborder
operations
(international
licence).
platnog prometa prema inostranstvu. Raiffeisenbank
Raiffeisenbank Jugoslavija a.d. offers its clients
Jugoslavija a.d. nudi svojim klijentima usluge u skladu
sa zapadnim standardima, istovremeno i razumevanje
Western service standards whilst understanding the
specific conditions and opportunities in the Yugoslav
specifiËnosti i moguÊnosti koje pruæa jugoslovensko
finansijsko træiπte.
financial market.
The
strategic
business
Glavne strateπke poslovne
sfere
Raiffeisenbank
areas of Raiffeisenbank
Jugoslavija
a.d.
are
Jugoslavija
a.d.
su
privredno bankarstvo (sa
lokalnim i multinacionalnim
corporate
banking
(business with local and
multinational companies)
kompanijama) i poslovi sa
stanovniπtvom.
and retail banking.
Expansion will be one of
Ekspanzija novih banËinih
filijala biÊe jedan od
prioriteta za Raiffeisenbank
the
priorities
for
Raiffeisenbank Jugoslavija
a.d. in 2002 (with further
Jugoslavija a.d. u 2002.
godini.
Raiffeisen
Zentralbank
Österreich (RZB-Austria)
AG, koja je glavni
akcionar bankarske mreæe
u regionu Srednje i IstoËne Evrope, osnovana je 1927.
godine, kao centralna bankarska institucija Raiffeisen
bankarske grupe. Grupu reprezentuje preko 607
lokalnih Raiffeisen banaka sa 1.725 filijala, πto ukupno
predstavlja 2.332 bankarske organizacije πirom
Austrije.
Raiffeisen bankarska Grupa ima najveÊu bankarsku
mreæu u Austriji sa konsolidovanim bilansnim sredstvima od oko 110,2 milijarde evra.
branches in Belgrade and
the regions).
10
Raiffeisen
Zentralbank
Österreich (RZB-Austria)
AG which is the main
shareholder of the network of banks in Central and
Eastern Europe, was founded as the central banking
institution of the Raiffeisen Banking Group in 1927.
The Group has 607 local Raiffeisen banks with 1,725
branches, in total 2,332 banking offices throughout
Austria.
The Raiffeisen Banking Group has the tightest banking
network in Austria with consolidated assets of about
Euro 110.2 billion.
Sa aktivom koja iznosi 44,6 milijardi evra, RZB-
With assets of Euro 44.6 billion RZB Austria is one of
Austrija je jedna od najveÊih bankarskih organizacija
the largest banking organisations in Austria and the
u Austriji i jedna od vodeÊih banaka u Srednjoj i
leading bank in Central and Eastern Europe. For short-
IstoËnoj Evropi. Rejting Standard & Poor-a za
term obligations Standard & Poors rates RZB-Austria
kratkoroËne obaveze RZB-Austrije iznosi A1, a
A1, and Moody’s Investors Service P1. For long-term
Moody’s Investors Service-a P1. Na dugoroËna
obligations Moody’s Investors Service rates RZB A1.
sredstva Moody’s Investors Service rangira RZB sa A1.
Shareholders
Akcionari
Raiffeisen Zentralbank Österreich AG (RZB-Austria)
Raiffeisen
Zentralbank
through its holding RIB
Österreich
AG
90%
(RZB-
Austria) kroz svoj holding
The International Finance
RIB 90%
Corporation (IFC) 10%
International
Finance
Corporation (IFC - World
Raiffeisen Banking Group
Bank Group) 10%
has been awarded “The
Best Bank in Central and
AmeriËki Ëasopis Global
Eastern Europe” by the
Finance
U.S.
proglasio
je
magazine
Raiffeisen bankarsku grupu
Finance,
“najboljom
bankom
Centralnoj
i
Evropi”
due
Global
to
its
u
pioneering role in the
IstoËnoj
region and “The Bank of
njene
the Year in Central &
zbog
pionirske uloge u regionu,
Eastern
a
professional magazine The
struËni
Ëasopis
The
Banker “Bankom godine u
Banker.
Europe”
However,
by
we
Centralnoj i IstoËnoj Evropi“.
understand that our success comes from our
Meutim, mi smatramo da je naπ uspeh rezultat naπe
commitment to our clients, as a reliable partner with
posveÊenosti klijentima, kao pouzdan partner koji radi
high-quality standards.
po standardima visokog kvaliteta.
11
Credit
Committee
Asset Liability
Committee
Management
Committee
Operations Division
Nenad SibinoviÊ
Corporate Banking and Credit Division
Harald Lorenz
Treasury and Investment Banking Division
Zoran PetroviÊ
Accounting Department
Vesna TatiÊ
Corporate Banking Department
Tanja Gliπin
FX and MM Department
Branko NovakoviÊ
Controlling Department
Tatjana AleksiÊ
Credit Department
Mira Baltovski
Correspondent Banking Department
Ljiljana Turopoljac
Central Processing Department
Vesnica ∆oroviÊ
International Payments
and SWIFT
Domestic Payments
Treasury Administation
Trade Finance
Dinar Desk
Irena KaraÊ
Project Finance
Product Development Department
Bojana RovËanin
Documentary Business and
Guarantees Department
Zlatija JelenkoviÊ
FX Regulations
FX Account Control
Supervision
Central Customer Service Department
IT Department
Gordana Sinobad
General Administration Department
Dejan DramiÊanin
Central Vault
Dragomir StojkoviÊ
12
Organization Chart
Board
Committee
Project
Committee
Pricing
Committee
Managing Board
Budimir KostiÊ, Oliver Roegl, Laszlo Sardi
Senior Legal Advisor
Boæo Novoselac
Business Advisor
Dragan PavloviÊ
Legal and Compliance Department
Aleksadra MirosavljeviÊ
Human Resources Department
Nada DaËiÊ
Internal Audit Department
Eva Gaπi
Marketing Department
Katarina GaboroviÊ
Retail Banking Division
Gordana KariÊ
Risk Management Division
Alexander Witte
Branch Development Division
Vojin RadojËiÊ
Product Development Department
Gordana KariÊ
Property Development Department
Risk Management Department
Alexander Witte
Credit Department
Aleksandar JoviÊ
System Development Department
Credit Analysis Department
Miloπ PopoviÊ
FI-Analysis Department
Ljiljana GrubiÊ
Card Department
Saπa DamnjanoviÊ
Credit Administration Department
Tatjana AÊiÊ
BRANCH MODEL CHART
The branch units are under the functional
supervision of the relevant HO division(s)
Branch Manager
(Deputy Manager)
Corporate
Banking Unit
Operations
Unit
Retail
Unit
13
14
SREBRNI DINARI CARA DU©ANA
(1346-1355)
EMPEROR DU©AN'S SILVER DINARS
(1346-1355)
1. "Krunidbeni dinar" predstavlja reprezentativnu
sliku Duπanovog krunisanja u Skoplju 1346.
godine.
2. "Car Duπan na konju" prikazuje i veliËa
vojniËke pohode i osvajanja prvog srpskog
cara, koji su mu doneli gordu titulu "Cara
Srba, Grka i Bugara".
1. "The Crowning Dinar" shows a representative
image of Duπan's coronation in Skoplje, in 1346.
2. "Emperor Duπan on horseback" presents and
glorifies military campaigns and conquests of the
first Serbian Emperor, which had brought him
the proud title of "Emperor of Serbs, Greeks and
Bulgarians".
15
Sektor za poslovanje sa privredom i kredite
Corporate Banking and Credit Division
Sektor za poslovanje sa privredom i kredite poËeo je sa
Corporate Banking Division became operative on July
radom 16.7.2001, samo Ëetiri meseca nakon dobijanja
16th 2001, only four months after obtaining the licence
dozvole od strane Narodne banke Jugoslavije. Lepeza
from the National Bank of Yugoslavia. The range of
proizvoda koji se nude firmama ukljuËuje otvaranje i
products offered to corporate clients includes account
odræavanje raËuna, kao i otvaranje i odræavanje raËuna
management as well as management of special
posebne namene ("escrow" raËuni), usluge plaÊanja,
purpose accounts (escrow accounts), payment services,
usluge finansiranja kroz otvaranje akreditiva i izdavanje
trade finance services (LCs, LGs, documentary
garancija,
collections, pre-export finance and import finance),
dokumentarni
inkaso,
pred-izvozno
finansiranje i finansiranje
working capital financing
uvoza),
finansiranje
(short-term up to one year),
kapitala
medium term on a case by
godinu
case basis, treasury and
obrtnog
(kratkoroËno
dana),
do
srednjoroËno
investment services.
finansiranje od sluËaja do
The focus of the Corporate
sluËaja,
Banking
usluge
and
Credit
deponovanja dinarskih i
Division in the first phase of
deviznih
sredstava
its activity is on medium &
kupoprodaje
deviza
large size corporate clients,
i
investicionog bankarstva.
subsidiaries
Sektor za poslovanje sa
multinational and Austrian
privredom i kredite usmeren
companies, as well as on
je na srednje i velike firme,
international organisations
ogranke multinacionalnih i
and
austrijskih kompanija, kao i
consular representations.
meunarodne organizacije
By the end of the year
i diplomatsko-konzularna
2001,
diplomatic
of
and
Raiffeisenbank
predstavniπtva.
Jugoslavija had more than 300 corporate customers
Do kraja 2001. godine, Raiffeisenbank Jugoslavija je
and after only half a year of operations has become
imala viπe od 300 klijenata iz privrede, a nakon samo
one of the most active banks in the area of corporate
pola godine rada, postala je jedna od najaktivnijih
banking in Yugoslavia, both in Belgrade as well as in
banaka na polju poslovanja sa privredom u Jugoslaviji,
main industrial cities of Serbia.
kako u Beogradu, tako i u glavnim industrijskim
gradovima Srbije.
16
Æelimo da istaknemo
Banka je uspela da stekne poverenje nekoliko najveÊih
domaÊih klijenata iz privrede, kao πto su: Agencija za
Highlights
The bank succeeded in acquiring top local corporate
customers such as The Agency for Privatisation,
privatizaciju, Sintelon, Lafarge BeoËinska fabrika
cementa, Imlek Beograd, Zorka Pharma, Duga, i druge,
Sintelon, Lafarge BeoËinska fabrika cementa, Imlek
Beograd, Zorka Pharma, Duga and others, as well as
kao i neke od najboljih meunarodnih kompanija, kao
blue-chip international companies such as OMV, Hyatt
πto su OMV, Hotel Hyatt Regency, IBM, McDonald's,
Tetra Pak, Britanski savet i mnoge druge.
Regency Hotel, IBM, McDonald’s, Tetra Pak, The British
Council and many others.
Raiffeisenbank Jugoslavija je odabrana od strane
Agencije za privatizaciju za
banku-agenta po pitanju
Raiffeisenbank Jugoslavija was chosen by the
escrow-raËuna
za
privatizaciju
BeoËinske
fabrike cementa, koju je
kupio francuski Lafarge, i
Cementare Novi Popovac,
kupljene
od
strane
πvajcarskog Holcim-a, kao i
po pitanju licitacionih i
Ëinidbenih garancija za
privatizaciju
industrije
cementa.
Banka je nominovana od
strane Evropske agencije za
rekonstrukciju
za
savetodavnu banku za uvoz
elektriËne energije po
nalogu Elektroprivrede Srbije.
Svetska banka je obavestila jugoslovenske nadleæne
institucije da je Raiffeisenbank Jugoslavija a.d.
prihvaÊena i kvalifikovana za rad sa specijalnim
raËunima projekata koje finansira Svetska banka u
Jugoslaviji.
Privatisation Agency to be
the Agent Bank for the
Escrow Account for the
privatisation of the cement
plants BeoËinska fabrika
cementa, bought by French
Lafarge, and Cementara
Novi Popovac, bought by
Swiss Holcim, as well as
for bid bonds and
performance bonds for the
privatisation of the cement
industry.
The bank was nominated
by the European Agency
for Reconstruction to be the
advising bank for the
import of energy by order
of Elektroprivreda Srbije,
Serbian national power company.
The World Bank notified Yugoslav authorities that
Raiffeisenbank Jugoslavija a.d. had been found
acceptable, and thus eligible to operate special
accounts of projects financed by the World Bank in
Yugoslavia.
17
Sektor za poslovanje sa stanovniπtvom
Sektor za poslove sa stanovniπtvom u Raiffeisenbank
The Retail Banking Division began its operations on
Jugoslavija poËeo je sa radom 03.09.2001.
S obzirom da se radi o vrlo osetljivom terenu za jednu
September 3, 2001. Given such a delicate
environment for a foreign bank, in which most local
stranu banku, gde se veÊina domaÊih banaka nalazila
u teπkoj situaciji sa problemom likvidnosti, naπ
banks faced utter liquidity problems, our major task
was to build up confidence among local savers and
najznaËajniji zadatak bio je zadobiti poverenje
encourage them to entrust our Bank with their
domaÊih πtediπa da svoja uπteena devizna sredstva
povere naπoj banci.
foreign currency funds.
Therefore, all our efforts were focused on depositors
Zato su svi naπi napori bili koncetrisani ka πtediπama,
kako bismo svojim kvalitetom
usluga zadovoljili svakog od
in order to meet their requirements with the service
quality.
Considering the worldwide
njih.
S obzirom na steËeni ugled u
recognized reputation of
RZB,
our
task
was,
svetu naπe centralne banke,
naπ zadatak bio je da svojim
kvalitetom
rada
u
operating in the most
delicate area of operations
with citizens and offering
najosetljivijoj oblasti rada sa
graanima, najpre steknemo
them quality services, first
to gain their confidence
njihovo poverenje, a kasnije
opravdamo naπe otvaranje
na teritoriji Jugoslavije.
and so justify our presence
on
the
territory
of
Yugoslavia.
Aktivnosti
Sektora
poslovanja sa stanovniπtvom
ostvaruju se kroz:
• Poslove πtednje i
bankarske operative, kako
u domaÊoj valuti, tako,
naroËito i u prikupljanju strane valute
• Otvaranje tekuÊih raËuna zaposlenima radi prijema
njihovih zarada
• Otvaranje æiro raËuna za prijem zarada po osnovu
honorarnog rada
• Prijem i isplatu bankarskih i putniËkih Ëekova
• Obavljanje menjaËkih poslova
• Slanje, prijem i isplatu doznaka u inostranstvo, i iz
inostranstva
18
•
•
•
•
•
activities are carried out
through:
• Savings operations and
the full range of banking
operations, both in terms
of local currency and collection of foreign currency
Opening of current accounts of employees for the
purpose of regular salary transfer
Opening of giro accounts for receiving salaries
based on part-time work
Receipt and collection of banking and travellers’
cheques
Exchange operations
Sending, receiving and collection of incoming and
outgoing remittances
• Pripreme za obavljanje konverzije IN - valuta u evro
• Preparations for the euro conversion of foreign
currencies
Osnovni kanali prodaje u tadaπnjim uslovima su bili:
The main distribution
circumstances were:
• Ekspozitura Resavska 22, Beograd
• Ekspozitura Resavska 66, Beograd
• Ekspozitura Fruπkogorska 16 a, Novi Sad
channels
in
those
• Branch, Resavska 22, Belgrade
• Branch, Resavska 66, Belgrade
• Branch, Fruskogorska 16a, Novi Sad
Finansijski rezultati
U ovom periodu opsluæeno je ukupno 13.167
stranaka. ©to se tiËe broja otvorenih deviznih raËuna
Financial results
In this period we rendered services to 13,167
clients. We opened citizens’ foreign currency
graana, stanje je sledeÊe:
accounts, as follows:
Vrsta raËuna/Type of Account
Devizni neoroËeni raËuni/call deposits - FCY
Devizni oroËeni raËuni/term deposits - FCY
Posmatrano po roËnosti πtednih uloga u stranoj valuti,
preovlauju neoroËeni πtedni ulozi. Odnos je 57,08%
kod neoroËenih, u odnosu na 42,92% kod oroËenih
uloga. ©to se tiËe visine kamatnih stopa, one se u
naπoj banci kreÊu u rasponu od 0,90% - 3,00% na
najduæi rok roËnosti, i to na godiπnjem nivou.
Visina kamatne stope odreuje se u odnosu na visinu
πtednog uloga i u ovom trenutku je niæa nego kod
nekih domaÊih banaka. I pored toga, s obzirom na
kvalitet usluga koje pruæamo, veÊ posle drugog
meseca rada stekli smo poverenje kod naπih πtediπa,
πto nam je omoguÊilo da budemo Banka na prvom
mestu po koliËini prikupljene devizne πtednje.
Broj raËuna/No. of Accounts
Stanje/Balance (EUR 000)
8.955
3.837
47.678
35.846
Looking at the structure of savings deposits in
foreign currency, call deposits prevail. The ratio is
57.08% with call deposits, versus 42.92% with term
deposits. As far as interest rates are concerned, in
our Bank they vary from 0.90% to 3.00% for the
longest terms, at the annual level.
The interest rate is determined in accordance with
the savings deposit amount and is currently lower
than in some local banks. Despite this, given the
quality of services we are rendering, our Bank
gained the confidence of our depositors after only
two months of operations, which made it possible
for us to become the Number 1 Bank by the volume
of foreign currency savings deposits.
19
15000
15000
10000
10000
5000
5000
0
0
Oktobar
Novembar
Decembar
Broj raËuna/Number of accounts
100000
100000
83,525.0
80000
80000
60000
60000
40000
40000
31,923.0
20000
0
20000
13,4
Oktobar
0
Novembar
Decembar
Stanje deviznih depozita/Volume of FCY deposits (EUR 000)
20
Planovi za 2002. godinu
1. OËuvanje steËenog prvog mesta po koliËini
prikupljene devizne πtednje.
2. Izvrπene su sve pripreme u pogledu obavljenih obuka i
organizacije posla, a u vezi sa zamenom IN-valuta u evro.
3. ©irenje mreæe ekspozitura: Planirano je da se
otvore tri velika regionalna centra u Novom Sadu,
»aËku i Niπu, lokalne filijale u Subotici, Kruπevcu,
©apcu i Poæarevcu, kao i dve speciljalizovane
ekspoziture u Beogradu.
4. Pripremamo uvoenje
novih proizvoda i to:
• odobravanje potroπaËkih
kredita graanima
• izdavanje VISA Electron
kartice, kao i VISA Business
Electron kartice
5. Nastavljamo sa daljim
prikupljanjem πtednje, sa
ciljem poboljπanja roËnosti
prikupljenih sredstava.
6. Vrπimo stalna inoviranja
znanja zaposlenih u Sektoru
za rad sa stanovniπtvom,
kako bi svi zaposleni mogli
da daju pravilnu informaciju,
po svakom vidu posla kojim
se bavimo.
7. Takoe se radi i na pripremama uvoenja i
usavrπavanja postojeÊih tehnoloπkih reπenja kod svih
bankarskih operacija.
Na kraju æelimo da napomenemo, da su, poËev od
prvog dana po otvaranju ove vrste poslova u banci,
marketinπki svi novi proizvodi bili propraÊeni kroz
odgovarajuÊe broπure, oglase u dnevnim novinama i
bilborde.
Plans for year 2002
1. Maintaining the top position as regards the volume
of foreign currency savings deposits.
2. All preparations made, including training and
operational organisation in terms of EURO
changeover.
3. Expansion of the branch and outlet network: The
bank plans to open three large regional centres in Novi
Sad, »aËak and Niπ, local branch offices in Subotica,
Kruπevac, ©abac and Poæarevac and two specialized
branch offices in Belgrade.
4. We are introducing new
products, such as:
• Consumer loans for
individuals
• Issuance of VISA Electron
Card and VISA Business
Card
5. We are continuing with
further collection of savings,
with a view to improving the
structure of term deposits of
the collected funds
6. We are carrying out
constant innovation of the
skills of the Retail Division
staff so that all employees
may be well informed and
pass
on
accurate
information on any type of banking products/services,
offered by our Bank.
7. We also carry out preparations for the introduction
and improvement of the existing technological solutions
with all banking operations.
Finally, we would like to mention that all our products
have been, since the very beginning of retail
operations, accompanied by marketing activities,
through adequate leaflets, brochures, and
advertisements in daily papers and billboards.
21
Sektor sredstava
Treasury Division
Osnovna karakteristika domaÊeg finansijskog træiπta je
The key feature of the domestic financial market is that
da se ono tek razvija. Aktivnosti na træiπtu novca skoro
da i nije bilo, imajuÊi u vidu visoke provizije i troπkove
it has just started to develop. Activities on the money
market have been almost non-existent bearing in mind
koji optereÊuju ovu vrstu transakcija. Devizno træiπte
the high commission fees and costs that burden this
funkcionisalo je zahvaljujuÊi intervencijama Narodne
banke Jugoslavije. Uprkos ograniËenjima na domaÊem
type of transactions. The foreign exchange market has
functioned mainly on the basis of interventions made
træiπtu, Sektor sredstava bio je uspeπan u 2001.
godini.
by the National Bank of Yugoslavia. Despite limitations
on the domestic market, the Treasury Division was
successful in 2001.
Stanje æiro raËuna na dan 31.12.2001. bilo je
187,5 miliona dinara (3,13 miliona evra).
Na dan 31.12.2001, Raiffeisenbank Jugoslavija je
imala 30 miliona dinara u blagajniËkim zapisima
Narodne banke Jugoslavije.
The giro account balance on 31/12/2001 was
YUM 187.5 million (EUR 3.13 million).
On 31/12/2001, RBY held YUM 30,0 million in
T-bills of the National Bank of Yugoslavia.
Plasmani na træiπtu novca (ukljuËujuÊi i plasmane u
NBJ) u devizama su u 2001. godini porasli na
77,1 miliona evra.
Na ime obavezne rezerve, kod NBJ smo deponovali
45,0 miliona evra.
MM placements (including placements with NBY) in
FX grew in 2001 to EUR 77.1 million.
As obligatory reserve, we held with NBY
EUR 45.0 million.
On 31/12/2001, corporate deposits held with the
Na dan 31.12.2001. imali smo primljenih depozita od
privrede u iznosu od 1,83 miliona evra.
NajveÊi doprinos naπoj neto zaradi dala je trgovina
devizama sa 57,17%, dok je træiπte novca doprinelo sa
35,88%, a trgovina efektivnim stranim novcem 6,95%.
©to se tiËe aktivnosti Sektora sredstava, imali smo
zamenu efektive u iznosu od 30 miliona evra. Obrt
prodaje i kupovine deviza firmama iznosio je 21,3
miliona evra. Sektor sredstava je takoe imao 85
ugovora na meu-bankarskom træiπtu.
bank were EUR 1.83 million.
The biggest contributor in our net profit has been
FX trading with 57.17%, while MM has contributed
with 35.88%, and trade in foreign currency cash with
6.95%.
As far as Treasury Division activities are concerned,
we had shipments of banknotes in the amount of EUR
30 million. Turnover of buying and selling of FCY to
corporate clients was EUR 21.3 million. Treasury also
had 85 contracts on the Inter-bank market.
ImajuÊi u vidu da je banka poËela sa radom 2001.
godine, bilo je neophodno uspostaviti mreæu
korespondentskih odnosa sa inostranim bankama.
Bearing in mind that the Bank only became
operational in 2001, it was vital to set up a network of
correspondent relations with foreign banks.
22
S obzirom na reforme u bankarskom sektoru, proces
Considering reforms in the banking sector, a process
oduzimanja licenci za rad nekim bankama,
transformacijama postojeÊih banaka (pripajanjima i
of withdrawing licences from certain banks and a
transformation of existing banks (through mergers,
sl.) depozitno-kreditnih transakcija sa domaÊim
etc.), there have been no MM transactions with local
bankama nije bilo. Tokom 2001. godine analiziran je
rad veÊeg broja domaÊih banaka u cilju sagledavanja
banks. In the course of 2001, the performance of a
significant number of domestic banks was analysed in
buduÊih potencijalnih partnera.
U sektoru sredstava obavljene su i sve potrebne
order to identify potential partners.
The Treasury Division has also carried out all
pripreme za rad sa hartijama od vrednosti i poslove
njihovog deponovanja. Aktivnosti ovog sektora znatno
preparations for the securities business and custodian
services. Activities of this division will significantly
Êe se uveÊati u narednom peridu, s obzirom na razvoj
finansijskog træiπta u zemlji.
expand in the following period as the financial market
of the country develops.
Treasury and IB Division
Profit Structure
Securities
Trading
7%
Obligatory
Reserve
2%
Banknotes
Trading
8%
Money
Market
52%
Foreign
Exchange
31%
23
Sektor operativnih poslova
Operations Division
Sektor operativnih poslova sastoji se od πest
The Operations Division comprises six organisational
organizacionih delova koji pokrivaju operativno
units which cover the Bank's transactional services and
poslovanje Banke i pruæaju podrπku u radu ostalim
operations and provide support to the other divisions’
sektorima. Sloæena struktura Sektora za operativne
activities. Operations Division consists of the following
poslove obuhvata sledeÊe organizacione celine:
organisational units:
• Sluæba za rad sa strankama
• Customer Service
• Odeljenje raËunovodstvenih poslova i finansijske
• Accounting and Controlling Department
kontrole
• Central Processing Department
• Odeljenje za platni promet u zemlji i inostranstvu
• Odeljenje za
• IT Department
• General Administration
informatiËke tehnologije
Department
• Odeljenje opπtih poslova
• Central Vault
• Centralni trezor
In the year 2001, the
U 2001. godini, Sektor za
Operations Division played
operativne poslove imao je
a key role in enabling the
veoma
u
quickest start of the Bank's
vaænu
ulogu
omoguÊavanju
najbræeg
activities in the Raiffeisen
poËetka aktivnosti Banke u
network. The Division has
Raiffeisen mreæi. Sektor je
also been responsible for
znaËajnu podrπku pruæio u
branch
otvaranju
filijala
opening the first Bank
Banke, a centralizovani
branch offices, while the
pristup u organizacionom,
centralised approach was
tehnoloπkom i procedu-
introduced in terms of
ralnom pogledu obezbedio
organisation, technology
je efikasno poslovanje i
and
visok kvalitet proizvoda i
insured
prvih
development,
processing,
high
which
quality
usluga koje se pruæaju komitentima.
banking customer service and products for the clients.
Sluæba za rad sa strankama zaduæena je za pruæanje
The Customer Service is in charge of providing
usluga pravnim licima u finansijskim transakcijama
banking services to corporate clients (opening
(otvaranje raËuna, prijem i obrada naloga za
accounts, reception and processing of payment orders,
plaÊanje, slanje izvoda i drugih izveπtaja, kontrola
cash activities, distribution of statements and other
vaænosti dokumenata, obraËun provizija i pruæanje
reports, control of the validity of documents, calculation
informacija klijentima o bankarskim uslugama).
of fees and banking information for the clients).
24
Odeljenje raËunovodstvenih poslova i finansijske
The Accounting and Controlling Department is
kontrole odgovorno je za izradu svih periodiËnih,
responsible for preparing periodical, business and
poslovnih i operativnih izveπtaja, kao i za ukupno
operational reports and for the entire accounting and
raËunovodstveno i finansijsko poslovanje Banke, u
financial activities of the Bank in line with determined
skladu sa utvrenom metodologijom i domaÊim
methodology and domestic rules, implementing
propisima,
meunarodne
international accounting standards (IAS) for the
raËunovodstvene standarde (IAS) za izveπtavanje na
reporting needs at the level of the Group. The
nivou Grupe. Proces izrade budæeta i analiza
budgeting process and the regular analysis of the
postignutih rezultata redovno se izvrπava u okviru
achieved results has been timely carried out by the
primenjujuÊi
odeljenja
i
Finansijske
Controlling unit, which is
kontrole, i prati se na nivou
also responsible for the
Raiffeisen
reporting to our head
bankarske
grupacije.
office.
Odeljenje za platni promet
The Central Processing
u zemlji i inostranstvu,
Department is in charge of
odgovorno je za izvrπava-
carrying out all forms of
nje svih vrsta transakcija u
transactions in domestic
domaÊem i meunarodnom
and
platnom prometu, zaduæe-
ments. It is also in charge
no je za praÊenje zakonske
of monitoring the laws
regulative
international
pay-
u
platnom
regulating
za
kontrolu
operations and the control
sredstava na æiro raËunima
of funds at gyro accounts
i na deviznim raËunima
and
Banke.
accounts of the Bank. In
prometu
godine
i
U
toku
2001.
znaËajno
foreign
payment
exchange
je
the course of the year
premaπen planirani obim
2001, the planned volume
poslovanja. Odeljenje je znaËajno doprinelo ukupnom
of banking transactions had significantly been
finansijskom rezultatu Banke, pri Ëemu je visina
exceeded. The department has contributed substantially
provizija i tarifa zadræana na vrlo konkurentnom nivou.
to the overall financial result of the bank, while keeping
the related costs at a competitively low level.
25
Odeljenje za informatiËke tehnologije, zaduæeno je
The IT Department is in charge of adequately
za informatiËku podrπku poslovanju Banke i realizaciju
supporting the business activities of the Bank and for
niza vaænih projekata kao πto su: elektronsko
the planning and implementation of important projects,
bankarstvo, preuzimanje domaÊeg platnog prometa,
i.e. electronic banking, taking over of domestic
poslovanje sa bankarskim karticama, projekti vezani
payment operations, bank card business, projects
za nadzor i zaπtitu raËunarsko-komunikacione mreæe,
related to supervision and the protection of the
kao i mnogi drugi projekti.
Odeljenje opπtih poslova obezbeuje ekonomiËno i
computer communications network and a large
neprekidno osiguranje radnih uslova za sve bankarske
aktivnosti (imovina, tehniËko odræavanje, oprema,
obezbeenje, transport i druge aktivnosti).
Centralni trezor obavlja poslove sa gotovinom i
hartijama od vrednosti. Prostor trezora je visoko
The General Administration Department is responsible
obezbeen mehanizmima fiziËke i elektronske zaπtite,
a ispunjeni su i svi drugi uslovi za prijem i transport
vrednosnih poπiljki.
activities).
number of other projects.
for insuring the safe and uninterrupted working
conditions to the overall banking operations in a cost
effective way (property, technical maintenance,
equipment, physical security, transport and other
The Central Vault is in charge of cash and securities
related activities. The vault's premises have been highly
secured, both physically and electronically. Also, all
other requirements have been met for the reception
and transportation of cash and securities.
26
Raiffeisenbank addresses
in Yugoslavia and abroad
Yugoslavia
(Serbia and Montenegro)
Head office
Resavska 22, YU-11000 Belgrade
Tel: (+381 11) 320 21 00 (operator)
Tel: (+381 11) 320 21 12 Marijana Ljepoja
Tel: (+381 11) 320 21 13 Ana AlikalfiÊ
Fax: (+381 11) 320 21 79 (central fax)
e-mail: [email protected]
Branches
Resavska 66
Tel:(+381 11) 3202 700
Fax: (+381 11) 3618 127
Bezistan, Terazije 27
Tel:(+381 11) 3202 750
Fax: (+381 11) 3345 667
Novi Sad
Fruskogorska 16a
Tel: (+381 21) 450 854
Fax: (+381 21) 450 849
www.raiffeisenbank.co.yu
Information Center
(+381 11) 3202 777
Austria
Raiffeisen
Zentralbank Österreich AG
Am Stadtpark 9
A-1030 Wien
Tel: (+43 1) 71707-0 (operator)
Fax: (+43 1) 71707 - 1715
Tx1: 136 989
SWIFT Code: RZBA AT WW
Reuter Dealing Code: RZBV
Reuters Page Code: RZB01
(xxx.xxx are the first and the family name of the
respective person)
www.rzb.at
Bosnia and Herzegovina
Raiffeisen Bank d.d. Bosna i
Hercegovina
Danijela Ozme 3
71000 Sarajevo - Bosnia and
Herzegovina
Tel: (+387 33) 440 272
Tel: (+387 33) 214 900
Tel: (+387 33) 442 964
Fax: (+387 33) 21 38 51
SWIFT Code: RZBABA2S
www.raiffeisenbank.ba
Bulgaria
Raiffeisenbank (Bulgaria) AD
18/20, Gogol Str., BG 1504 Sofia
Tel: (+359 2) 919 851 01 (switch board)
Fax: (+359 2) 943 45 28
Tx1: 220 05 (Treasury)
Tx2: 220 06 (Operations)
SWIFT Code: RZBBBGSF
Reuters Dealing Code: RBBS
www.raiffeisenbank.bg
Croatia
Raiffeisenbank Austria d.d.
Petrinjska 59
HR-10 000 Zagreb
Tel: (+385 1) 456 64 66 (switch board)
Fax: (+385 1) 481 16 24
Tx1: 21137 rbazg rh
SWIFT Code: RZBH HR2X
Reuter Dealing Code: RZBH
www.rba.hr
27
Czech Republic
Italy
Raiffeisenbank a.s.
Vodickova 38
Mediocredito Trentino Alto Adige Investitionsbank
Trentino - South Tyrol
Via Paradisi, 1, I-38100 Trento
Tel: (+39 461) 888 511
Fax: (+39 461) 888 515
www.mediocredito.it
CZ-111 21 Praha 1
Tel: (+420 2) 242 312 70 (operator)
Tel: (+420 2) 242 312 80 (operator)
Fax: (+420 2) 242 312 78
Fax: (+420 2) 244 072 43
Tx1: 123160 RZBP C
SWIFT Code: RZBC CZ PP
Reuter Dealing Code: RAIF
Germany
RLB OÖ Branch in Passau
Große Klingergasse 4
D-94032 Passau
Tel: (+49 851) 929 920
Fax: (+49 851) 368 01
www.rlbooe.de
Malta
Raiffeisen Malta Bank plc
71, II Piazzetta, Tower Road
SLM 16 Sliema, Malta
Tel: (+356 ) 213 209 42
Tel: (+356 ) 213 209 43
Tel: (+356 ) 213 248 66
Fax: (+356 ) 213 209 54
Mobile Phone:
(+356) 9943 30 00 (Schembri),
(+356) 9943 40 00 (Pramböck)
(xxx.xxx are the first and the family name of the resp. person)
Poland
Hungary
Raiffeisen Bank Rt.
Akadémia utca 6.
H-1054 Budapest
Tel: (+36 1) 484 44 00 (operator)
Fax: (+36 1) 484 44 44
Tx1: 223123 unicc h
Tx2: 223172 unicc h
SWIFT Code: UBRT HUHB
Reuter Dealing Code: UNIC
Reuters Page Code: UNCB
Raiffeisen Bank Polska S.A.
ul.Piekna 20, PL - 00-549 Warsaw, ul.
Walbrzyska 11, PL- 02-739 Warsaw for Globus Project
Tel.: (+48 22) 549 88 00 for Globus Project
Tel: (+48 22) 585 20 00 - switchboard
Fax: (+48 22) 585 25 85
Sat.tel: (+48) 39 12 14 47
SWIFT Code: RCBWPLPW
Reuter Dealing Code: RCBW
(xxx.xxx are the first and the family name of the resp.person)
www.raiffeisen.pl
(y ist the first letter of the first name and xxx is the whole
last name)
28
Romania
Slovakia
Raiffeisenbank (Romania) SA
Bd. Unirii 74, sect 3,
75103 Bucharest
Tel: (+40 1) 302 00 22 (operator)
Fax: (+40 1) 320 99 10
SWIFT Code: RZBRROBU
Reuter Deadline Code: RBRB
(XXXX is represented by the first name; YYYY is represented by
the second name)
Banca Agricola - Raiffeisen S.A.
Mircea Voda Blvd. 44,
Bloc M17,
Tronson II, Sector 3
RO-742141 BUCHAREST
Tel: (+40 1) 326 22 15 (switch board)
Tel: (+40 1) 326 22 16 (switch board)
Tel: (+40 1) 323 00 31 (switch board)
Fax: (+40 1) 326 22 09
Tx1: 11709
Tx2: 11622 BANAG R
SWIFT Code: BKAG RO BU
Reuter Dealing Code: BABR
Reuters Page Code: BABR
Tatra banka
Russia
ZAO Raiffeisenbank Austria
17/1 Troitskaya Street
129090 Moscow - Russia
Tel: (+7 095) 721 99 00
Fax: (+7 095) 721 99 01
Tx1: 914617 RAIFF RU
SWIFT Code: RZBMRUMM
Reuter Dealing Code: RZBM
www.raiffeisen.ru
Vajanskeho nabrezie 5
SK-810 11 Bratislava 111, P.O.Box: 50
Tel: (+421 2) 5919 1111
Fax: (+421 2) 5919 1110
Fax: (+421 2) 5919 1115 (Financial Institutions)
SWIFT Code: TATR SK BX
Reuter Dealing Code: TBBR
Reuters Page Code: TRBR, TRBT, TRBS
www.tatrabanka.sk
Ukraine
Joint Stock Commercial Bank
Raiffeisenbank Ukraine
Vorovskogo 40
UA-01054 Kyiv
Tel: (+380 44) 490 05 00 (operator)
Fax: (+380 44) 490 05 01
Fax: (+380 44) 490 05 35
SWIFT Code: RZBU UA UK
Reuter Dealing Code: RBUK
www.raiffeisenbank.com.ua
United Kingdom
RZB Austria - London Branch
36-38 Botolph Lane, London EC3R 8DE
Tel: (+44 20) 7929 2288 - switchboard
Fax: (+44 20) 7283 6153
Tx1: 886 153
SWIFT Code: RZBAGB2L
Reuter Dealing Code: RZBL
e-mail: <firstname>.<familyname>@rzb-london.raiffeisen.at
29
30
ZLATNIK KRALJA MILANA OBRENOVI∆A
(1868-1889)
GOLD COIN OF KING MILAN OBRENOVI∆
(1869-1889)
Prvi srpski zlatnik ‘Milan d’or’, iskovan je
1879. godine u pariskoj kovnici. Po svom
izgledu i nominalnoj vrednosti, odgovarao
je francuskom zlatniku od 20 franaka.
The first Serbian gold coin "Milan d'or" was
minted in 1879 in the Paris mint. By its look
and nominal value, it was equal to the
French gold coin of 20 francs.
31
32
Financial statements
for the year ended 31 December, 2001
Prepared in accordance with international accounting standards
KPMG
KPMG d.o.o. Beograd
Sava Centar D32/D33
Telephone +381 11 311 31 09
Privredni sud u Beogradu
Milentija PopoviÊa 9
Fax: +381 11 147 832
broj reg. ul.1-77746-00
Belgrade 11 070
matiËni broj 17148656
Yugoslavia
www.kpmg.co.yu
raËun 40815-601-6-572718
Independent Auditor's Report
We have audited the accompanying balance sheet of Raiffeisenbank Jugoslavija a.d. Belgrade as of 31
December 2001 and the related statement of income, and cash flows for the year then ended. These financial
statements are the responsibility of management. Our responsibility is to express an opinion on the financial
statements based on our audit.
We conducted our audit in accordance with International Standards on Auditing (ISA). Those Standards
require that we plan and perform the audit to obtain reasonable assurance whether the reporting package is
free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of the financial position of
Raiffeisenbank Jugoslavija a.d. Belgrade as of 31 December 2001, and of the results of its
operations and its cash flows for the year then ended in accordance with International
Accounting Standards as specified in the “IAS Group Accounts Manual, RZB Austria”.
Belgrade, 15 February 2002
KPMG d.o.o.
Bulatovic Nina
Managing Partner
33
CONTENTS:
Income Statement for the year ended 31 December 2001
35
Balance Sheet as at 31 December 2001
36
Statement of Changes in Shareholders' Equity for the year ended
31 December 2001
37
Cash Flow Statement for the year ended 31 December 2001
38
Notes to the Financial Statements
34
39 - 57
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001
In thousands of YUD
NOTE
2001
Interest and similar income
2(d), 3
31,687
Interest and similar expenses
2(d), 3
(11,546)
Net interest income
20,141
Ł
Provision for possible losses on loans and advances
2(j), 3
Net interest income after provisioning
(1,572)
18,569
Fee and commission income
2(e), 4
27,610
Fee and commission expenses
2(e), 4
(5,790)
Net fee and commission income
Ł
21,820
Net foreign exchange gains
2(f)
3,199
Result on financial assets available for sale
2(g)
2,691
Operating income
General administrative expenses
46,279
5
Other operating expenses
(104,155)
(3,819)
Operating expenses
(107,974)
Loss from operations
(61,695)
Loss for the year
(61,695)
Income tax
Loss for the year
2(l)
(61,695)
35
BALANCE SHEET AS AT 31 DECEMBER 2001
In thousands of YUD
NOTE
2001
6
4, 246, 164
Loans and advances to banks
2(h), 7
3, 649, 213
Loans and advances to customers
2(i), 8
163, 858
2(j), 9
(1,572)
2(c),10
32, 732
2(k), 11
177, 024
12
8, 338
ASSETS
Cash and balance with central bank
Financial assets available for sale
Tangible and intangible assets
Other assets
Total assets
8,275,757
LIABILITIES
Deposits with banks
13
561,885
Customer deposits
14
7,055,461
Other liabilities
15
123,051
Equity
16
597,055
Loss for the year
(61,695)
Total liabilities
Off - balance sheet items
8,275,757
17
625,823
Belgrade, 15 February 2002
For and on behalf of the management
Budimir Kostic
Chairman of the Managing Board
36
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2001
In thousands of YUD
Balance as at 1 January 2001
Ordinary shares issue
Loss for the year
Balance as at 31 December 2001
Subscribed
capital
Result for
the year
Total
-
-
-
597,055
-
597,055
-
(61,695)
(61,695)Ł
597,055
(61,695)
535,360
37
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001
In thousands of YUD
2001
Operating activities
Loss for the year
(61,695)Ł
Adjustments for non-cash items
Depreciation
5,892Ł
Impairment losses
1,572
Changes in operating assets and liabilities
(3,649,213)
(163,858)
(32,732)
Other operating assets
Deposits with banks
Customer deposits
Other operating liabilities
Cash from operating activities
(8,338)
561,885Ł
7,055,461
123,051
3,832,025
Investing activities
Acquisition of tangible and intangible assets
(182,916)
Cash from investing activities
(182,916)
Financing activities
Issue of share capital
597,055Ł
Cash from financing activities
597,055Ł
Net increase in cash and cash balance with central bank
Cash and cash balance with central bank as at 1 January
Cash and cash balance with central bank as at 31 December
38
4,246,164
4,246,164
1. Activity
Raiffeisenbank Jugoslavija a.d. Beograd (hereinafter: the Bank) was established in 2001 as a shareholders'
company with the following ownership structure:
Shareholders
Raiffeisen International Beteiligungs GmbH, Wien
Uniqa Beteiligungs-Holding GmbH, Wien
Total
Amount in EUR
9,900,000
100,000
10,000,000
The National Bank of Yugoslavia (Central bank, hereinafter: NBY) issued the working permission on 9 March
2001. The Bank was registered with Commercial Court in Belgrade on 10 April 2001.
The Bank is licensed to perform payments, deposit and credit activities domestically and abroad. In
accordance with Banking Act, the Bank is obliged to operate respecting principles of liquidity of placements
and profitability.
The seat of the Bank is in 22, Resavska street. The Bank opened representative units in
Belgrade and Novi Sad. As at 31 December, 2001, the Bank had 130 employees.
2. Summary of significant accounting policies
(a) Basis of financial statements preparation
The financial statements are presented in Yugoslav Dinar (YUD), rounded to the nearest thousand.
The accompanying financial statements are based upon the statutory accounting records,
which are maintained under the historical cost convention.
The statutory accounting reports have been restated through adjustments to present these financial
statements in accordance with International Accounting Standards and have been reclassified,
in general terms, in accordance with the “IAS Group Accounts Manual, RZB Austria - Version 3.0”.
39
2. Summary of significant accounting policies (continued)
(b) Foreign currency
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction.
Assets and liabilities denominated in foreign currencies are translated at the average foreign currency
exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are
recognized in the income statement.
Official exchange rates for major currencies used in the translation of the balance sheet items denominated in
foreign currencies were as follows:
In YUD 2001
USD
CHF
EUR
67.6702
40.3159
59.7055
(c) Financial instruments
(I) Classification
Financial instruments include "available for sale" assets.
Available for sale assets are financial assets that are held neither for the purpose of short-term profit making,
nor for held-to-maturity. These include treasury bills issued by the National Bank of Yugoslavia and bonds
issued by the Government of Serbia.
(II) Recognition
"Available for sale" assets comprising treasury bills and government bonds are recognized on the day they
are transferred to the Bank.
(III) Measurement
Financial instruments are measured at cost.
(IV) Specific instruments
Cash and balance with central bank Cash and cash equivalents comprise cash balances on hand and cash
deposited with the National Bank of Yugoslavia.
Investments
Debt investments that the Bank does not hold for the purpose of short-term profit making and
does not intend to hold to maturity are classified as “available for sale” assets.
40
(d) Interest and similar income/expenses
Interest and similar income and expenses are recognized in the income statement on accrual basis.
Interest is calculated in accordance with Yugoslav law upon the agreement between lenders and borrowers.
(e) Fee and commission income/expenses
Fees and commissions arise on financial services provided by/to the Bank including transfer payments in
foreign currency, loan administration, guarantee, letter of credit business and other banking services.
Fees and commissions are recognized when the corresponding service is provided.
(f) Net foreign exchange gains
Net foreign exchange gains include realised foreign currency exchange gains and losses as well as gains and
losses incurred on translation of asset and liabilities denominated in foreign currency at exchange rate
prevailing at the balance sheet date.
(g) Result on financial assets available for sale
Result on financial assets available for sale includes income received on treasury bills issued by the National
Bank of Yugoslavia and bonds issued by the Government of Republic of Serbia.
(h) Loans and advances to banks
Loans and advances to banks are stated in the balance sheet at the amount of principle, interest and
commission outstanding.
Loans and advances to banks include short term and demand deposits placed with affiliated companies and
other banks, accrued interest and money market placements.
(i) Loans and advances to customers
Loans and advances are stated in the balance sheet at the amount of the principal, interest and commission
outstanding.
Loans and advances to corporate customers include long and short term loans granted in YUD with foreign
currency clause.
Loans and accrued interest and commission receivables are provided for if they are due more than 90 days
from the maturity date.
41
(j) Provision for possible losses on loans and advances
Provision for losses on loans and advances are made regarding the specific risks. Provision relates to the
loans that have been individually reviewed and identified as bad or doubtful due to the uncollectability,
unliquidity or other reasons.
In determining the level of provisions required, the management considers numerous factors, including
domestic economic conditions and the composition of the loan portfolio.
(k) Tangible and intangible assets
Tangible and intangible assets are stated in the balance sheet at cost decreased for accumulated
depreciation.
Depreciation is provided on a straight-line basis at the following prescribed rates designed to write-off cost
over their estimated useful lives.
%
Furniture and other equipment
Computers
Motor vehicles
Intangible assets
7 - 16.5
20
15.5
20
Intangible assets include leasehold improvements made on rented office space.
Maintenance and repairs are charged to the income statement when incurred.
(l) Income tax
Profit tax represents an amount calculated and payable under the Serbian Corporate Income Tax Law. Tax
authorities determine the estimated monthly advance of profit tax payable.
Income tax rate is 20% and is payable on the taxable profit reported in the tax returns. The taxable profit
reported in the tax returns includes the profit shown in the statutory income statement and adjusted for
permanent differences, as defined by the Serbian Corporate Income Tax Law.
42
(l) Income tax (continued)
Such adjustments comprise mainly of adding back certain disallowed expenses and deducting certain capital
expenditure and investments incurred during the year, up to 50% of the taxable profit for the year.
The Serbian Corporate Income Tax Law does not recognise temporary differences and, accordingly,
no deferred tax assets or liabilities are recognised.
According to the decision of the Serbian Tax Authorities, the Bank is exempt from corporate income tax for
the period of the first five years of operations.
3. Net interest income after provisioning
3.1 Net interest income includes:
In thousands of YUD
Interest and similar income
Interest and similar income arise from
affiliated companies
claims on banks
claims on customer
other
Interest and similar expenses
Interest and similar expenses arises from
liabilities to customers
Net interest income
Provision for possible losses on loans and advances include
risk provisions for loans and advances to banks
Net interest income after provisioning
2001
20,128
9,957
1,335
267
31,687
(11,546)
(11,546)
20,141
(1,572)
(1,572)
18,569
43
4. Net fee and commission income
4.1 Net fee and commission income includes:
In thousands of YUD
Fee and commission income
Fee and commission income arises from payments transfer business
loan administration and guarantee business
foreign currency business
other banking services
Fee and commission expenses
Fee and commission payable arises from payments transfer business
foreign currency business
other banking services
Net fee and commission income
2001
10,086
4,701
12,276
547
27,610
(5,521)
(64)
(205)
(5,790)
21,820
5. General administrative expenses
5.1 General administrative expenses include:Ł
In thousands of YUD
Staff expenses
Wages and salaries
Social security costs and staff related taxes
Other social expenses
Other administrative expenses
Building and office space expenses
IT expenses
Legal and advisory expenses
Advertising, public relation and representation expenses
Other
Depreciation of tangible and intangible assets
Tangible assets
Intangible assets
Total general administrative expenses
44
2001
(20,724)
(13,061)
(1,321)
(35,106)
(20,250)
(7,087)
(872)
(6,428)
(28,520)Ł
(63,157)
(4,281)
(1,611)Ł
(5,892)
(104,155)Ł
6. Cash and balance with central bank
6.1 Cash and balance with central bank include:Ł
In thousands of YUD
2001Ł
Cash on hand
2,936,044Ł
Balances with the National Bank of Yugoslavia
1,310,120Ł
4,246,164
6.2 On 31 December, cash and balance with central bank include balances with the National Bank of
Yugoslavia of YUD 1,310,120 thousand comprising obligatory Dinar reserve of YUD 79,818 thousand,
foreign currency reserve for public savings of YUD 964,015 thousand and foreign currency deposit for
gaining international payments and credit operations license of YUD 266,287 thousand.
7. Loans and advances to banks
7.1 Loans and advances to banks include:Ł
In thousands of YUD
Loans to affiliated companies
Current/clearing account business
Money market
2001Ł
3,504,288
107,706
37,219
3,649,213Ł
7.2 Loans to affiliated companies comprise:Ł
In thousands of YUD
Term deposits placed with affiliated company
Interest accrued on term deposits
Demand deposits placed with affiliated companies
Export confirmed L/C
2001
3,409,844
4,354
88,421
1,669Ł
3,504,288Ł
45
8. Loans and advances to customers
8.1 Loans and advances to customers include:Ł
In thousands of YUD
2001
Public sector
468
Corporate customers
163,328
Retail customers
62
163,858
8.2 Loans to corporate customers encompass the following:Ł
In thousands of YUD
2001
Short term loans
136,927
Long term loans
25,097
Commission receivable outstanding
762
Accrued interest
542Ł
163,328
9. Provision for possible losses on loans and advances
9.1 Provision for possible losses on loans and advances includes:
In thousands of YUD
2001Ł
-
Specific provision made
1,572
Recoveries
-Ł
1,572
Ł
9.2 Provision for possible losses on loans and advances include provision for deposits with
domestic banks for YUD 1,505 thousand and provision for loans and advances to domestic
banks in the amount of YUD 67 thousand.Ł
46
10. Financial assets available for sale
10.1 Financial assets available for sale include:Ł
In thousands of YUD
2001Ł
Bonds and treasury bills "available for sale"Ł
Treasury bills issued by National Bank of Yugoslavia
Bonds issued by the Republic of Serbia
29,661
3,071
32,732
10.2 Income from bonds and treasury bills held for sale is recognized as result on financial assets available for sale.
11. Tangible and intangible assets
11.1 Tangible and intangible assets include:Ł
In thousands of YUD
2001Ł
Tangible and intangible assets include
Advance payments
Construction in progress
Equipment
Intangible assets
23,088
598
125,995
27,343
177,024Ł
47
11. Tangible and intangible assets (continued)
11.2 The movements for the year were:
In thousands of YUD
Advance
Construction
Intangible
Equipment
payments
in progress
assets
Total
-
-
-
-
-
Additions
16,462
137,500
-
28,954
182,916
Transfer from advance payments
92,587
(114,412)
21,825
-
-
21,227
-
(21,227)
-
-
130,276
23,088
598
28,954
182,916
-
-
-
-
-
Depreciation
(4,281)
-
-
(1,611)
(5,892)
(4,281)
-
-
(1,611)
(5,892)
125,995
23,088
598
27,343
177,024
Cost or valuation
Transfer from construction in
progress
Accumulated Depreciation
Net book value as at
31 December 2001
48
12. Other assets
12.1 Other assets include:
In thousands of YUD
Current tax asset - receivables for sales tax
2001
427
Advances paid
2,384
Receivables from employees
1,271
Prepayments and other deferrals
3,266
Other assets
990
8,338
13. Deposits with banks
13.1 Deposits with banks in the amount of YUD 561,885 thousand comprise foreign currency deposits of
YUD 558,362 thousand and dinar deposits of YUD 3,523 thousand that are payable on demand.
13.2 Interest is recognized in interest and similar expenses.
49
14. Customer deposits
14.1 Customer deposits include:
In thousands of YUD
2001
Payable on demand
Public sector
Corporate customers
Retail customers
Other
10,092
898,586
2,835,155
123,076
3,866,909
Savings deposits with notice period of less than three months
Public sector
238,822
Corporate customers
780,884
Retail customers
1,463,851
2,483,557
Savings deposits with notice period of more than three months
Public sector
-
Corporate customers
-
Retail customers
692,256
692,256
Term deposits
Public sector
-
Corporate customers
-
Retail customers
12,739
12,739
7,055,461
14.2 Interest is recognized in interest and similar expenses.
50
15. Other liabilities
15.1 Other liabilities include:
In thousands of YUD
2001
Obligatory deposits for incorporation of the companies
90,295
Obligation to suppliers
19,927
Obligation for bonus salary
4,312
Obligation for sales tax
2,333
Accruals and deferred income
6,152
Other
32
123,051
16. Equity
16.1 Equity comprises the following:
In thousands of YUD
2001
Balance as of 1 January
-
Ordinary shares issued
597,055
597,055
16.2 As of 31 December 2001 subscribed capital comprised of ordinary shares at nominal value of YUD 10
thousand per share.
16.3 Holders of ordinary shares are entitled to receive dividends as declared by the Board of the Bank and
are entitled to one vote at the general assembly meetings of the Bank.
51
17. Off - balance sheet items
17.1 Off-balance sheet items include contingent liabilities in the amount of YUD 625,823 thousand.
17.2 Contingent liabilities comprise of:
In thousands of YUD
2001
Guarantees
68,959
Letters of credit (documentary business)
556,864
625,823
17.3 Letters of credit in the amount of YUD 452,008 thousand relate to covered foreign currency letter of
credit of Elektroprivreda Srbije issued for the purpose of electricity import.
18. Risk management disclosures
(a) Credit risk
Credit risk is the risk of financial loss occurring as a result of counterpart default regarding its contractual
obligations to the Bank.
In order to manage the level of credit risk, the Bank:
• reviews the creditworthiness of customers applying for loans, guarantees and other credit products,
• establishes credit limits on the basis of the risk assessment,
• deals with counterparts of good credit standing and take appropriate collateral.
Customers are monitored continually and risk limits are adjusted, if necessary. The risk limits also take into
account various collateral types.
The Bank is subject to credit risk through its lending and investing activities.
52
18. Risk management disclosures (continued)
(a) Credit risk (continued)
The Bank's primary exposure to credit risk arises through its loans and advances. The amount of credit
exposure in this regard is represented by the carrying amounts of the assets on the balance sheet share.
The Bank had managed its credit risk by demanding back-to-back guarantees, foreign exchange deposits or
mortgages.
(b) Liquidity risk
Liquidity risk arises in the general funding of the Bank's activities and in the management of its liquidity
position. It includes both the risk of being unable to fund assets at appropriate maturities and rates and the
risk of being unable to liquidate an asset at a reasonable price and in an appropriate time frame.
The Bank has access to a diverse funding base. Funds are raised using:
• deposits with wide range of maturity, and
• share capital.
This enhances funding flexibility, limits dependence on any one source of funds and generally lowers the cost
of funds.
The Bank continually assesses liquidity risk by identifying and monitoring changes in funding required to meet
business goals and targets set in terms of the overall Bank's strategy.
In addition, the Bank holds a portfolio of liquid assets as part of its liquidity risk management strategy.
53
(b) Liquidity risk (continued)
to 3
3 months
months
to 1 year
1-5 years
years
Total
4,246,164
-
-
-
4,246,164
3,290,979
358,234
-
-
3,649,213
9,621
126,724
4,891
22,622
163,858
loans and advances
(1,572)
-
-
-
(1,572)
29,661
3,071
-
-
32,732
-
-
-
177,024
177,024
Other assets
8,338
-
-
-
8,338
Total assets
7,583,191
488,029
4,891
199,646
8,275,757
561,885
-
-
-
561,885
6,350,466
692,256
12,739
-
7,055,461
123,051
-
-
-
123,051
Equity
-
-
-
597,055
597,055
Loss for the year
-
-
-
(61,695)
(61,695)
7,035,402
692,256
12,739
535,360
8,275,757
547,789
(204,227)
(7,848)
(335,714)
-
In thousands of YUD
Over 5
ASSETS
Provision for possible losses on
LIABILITIES
Deposits with banks
Customer deposits
Other liabilities
Total liabilities
NET LIQUIDITY GAP
54
(c) Interest rate risk
The Bank's operations are subject to the risk of interest rate fluctuations to the extent that interest-earning assets
(including investments) and interest-bearing liabilities mature at different times or in differing amounts.
In the case of floating rate assets and liabilities, the Bank is also exposed to basis risk related to the floating
rate indices, such as the savings rate and monthly EURIBOR interest rate.
Risk management activities are aimed at optimizing net interest income, given market interest rate levels
consistent with the Bank's business strategies.
Asset-liability risk management activities are conducted in the context of the Bank's sensitivity to interest rate
changes. In general, the Bank is liability sensitive because its interest-earning assets have a longer duration
than interest-bearing liabilities.
In managing maturity structure, senior management considers among others:
• macro and micro economic forecasts,
• forecasts in liquidity conditions and
• the anticipated trends in interest rates.
to 3
3 months
months
to 1 year
1-5 years
bearing
Total
79,818
1,230,302
-
2,936,044
4,246,164
3,090,500
549,196
-
9,517
3,649,213
162,554
-
-
1,304
163,858
-
-
-
(1,572)
(1,572)
29,661
3,071
-
-
32,732
-
-
-
177,024
177,024
Other assets
-
-
-
8,338
8,338
Total assets
3,362,533
1,782,569
-
3,130,655
8,275,757
In thousands of YUD
Not interest
ASSETS
loans and advances
55
(c) Interest rate risk (continued)
to 3
3 months
months
to 1 year
1-5 years
bearing
Total
-
561,885
-
-
561,885
2,483,557
4,571,904
-
-
7,055,461
Other liabilities
-
-
-
123,051
123,051
Equity
-
-
-
597,055
597,055
Loss for the year
-
-
-
(61,695)
(61,695)
2,483,557
5,133,789
-
658,411
8,275,757
878,976
(3,351,220)
-
2,472,244
-
In thousands of YUD
Not interest
LIABILITIES
Deposits with banks
Customer deposits
Total liabilities
INTEREST SENSITIVITY GAP
(d) Currency risk
The Bank is exposed to currency risk through transactions in foreign currencies.
Foreign currency risk arises in case of mismatch in assets and liabilities denominated in foreign currencies.
The Bank ensures that foreign currency position as far as practical is minimized.
The Bank maintains the foreign currency position by granting loans with foreign currency clause.
56
(d) Currency risk (continued)
In thousands of YUD
USD
EUR
Other
YUD
Total
31,590
3,908,240
12,212
294,122
4,246,164
787,659
2,821,159
39,715
680
3,649,213
-
-
-
163,858
163,858
(398)
(1,174)
-
-
(1,572)
-
-
-
32,732
32,732
-
-
-
177,024
177,024
Other assets
-
-
-
8,338
8,338
Total assets
818,851
6,728,225
51,927
676,754
8,275,757
5,119
552,612
631
3,523
561,885
727,837
5,750,919
55,855
520,850
7,055,461
87,527
10,872
5,602
19,050
123,051
Equity
-
597,055
-
-
597,055
Loss for the year
-
(61,695)
-
-
(61,695)
820,483
6,849,763
62,088
543,423
8,275,757
(1,632)
(121,538)
(10,161)
133,331
-
ASSETS
loans and advances
LIABILITIES
Deposits with banks
Customer deposits
Other liabilities
Total operating liabilities
NET CURRENCY GAP
19. Post balance sheet events
19.1 During our final audit work, the management of the Bank was informed by the management of RZB that
the pre-opening project costs were covered by RZB.
57

Annual Report 2001

Transcription

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